In the world of sports memorabilia, where the emotional value of a signed vintage hockey stick can be just as significant as its market price, the reality of asset protection cannot be underrated. The thrill of possessing a piece of sports history often overshadows the practicalities of safeguarding such treasures. Fortunately for Canadian enthusiasts, a new insurance scheme has been rolled out, promising to blanket their cherished collections with the security they deserve.
Thanks to the strategic collaboration between NFP, a leading property and casualty broker in Canada, and Berkley Asset Protection, a known player in the specialized insurance landscape, Canadian sports memorabilia collectors have a chance to breathe easier. The newly introduced insurance program aims to fill the pervasive coverage gaps left by standard homeowners insurance policies, which typically do not account for the unique needs of high-value sports collectibles.
Given the nuanced nature of sports memorabilia collections, which can range from rare autographed baseballs to vintage match-worn jerseys, standard insurance policies fall short, often providing insufficient coverage that leaves collectors in a bind over potential losses. Recognizing this, Greg Dunn, Managing Director of Personal Risk at NFP in Canada, notes the programs’ attention to detail, ensuring that from the moment a new item is acquired, it is well-protected. This includes automatic coverage for newly obtained pieces and transit coverage, safeguarding items as they are moved from one location to another—a feature particularly useful in a hobby that often involves frequent trading and transportation of valuable items.
Olivia Cinqmars-Viau, the AVP of fine art underwriting at Berkley Asset Protection, elaborates on the custom-tailored nature of the insurance offering. The program is diligently designed around the specific circumstances and risks associated with sports memorabilia collecting. This approach not only enhances the relevance of the coverage but also ensures that collectors can access insurance that truly reflects the value and nature of their collections.
The importance of such a specialized insurance program cannot be overstated, as echoed by Steve Menzie, president and owner of the Sport Card & Memorabilia Expo, Canada’s most prominent sports collectibles event. Menzie points out the dual value of sports memorabilia items—both sentimental and financial. While collectors cherish these items for their historical and emotional significance, they are also wise to recognize their monetary value, making robust insurance coverage indispensable.
This initiative comes at a crucial time, with the next Sport Card & Memorabilia Expo scheduled to take place in Toronto from April 25-28. NFP’s Personal Risk team plans to leverage this event, setting up a booth to introduce and explain the benefits of this new insurance solution to collectors. The presence of NFP experts at such a significant gathering underscores the firm’s commitment to addressing the unique insurance needs of the collector community comprehensively.
Moreover, the outreach at the expo highlights NFP’s broader commitment to catering to niche markets—a strategic move emblematic of the firm’s expansive operation, which employs over 1,000 staff in Canada and more than 8,000 globally. This specialized insurance program for sports memorabilia collectors not only fills an essential need in the market but also exemplifies NFP’s dedication to innovation and customer-specific solutions in the insurance sector.
As collectors continue to pursue their passions, amassing items that carry intense personal and financial value, the partnership between NFP and Berkley Asset Protection offers a much-needed safety net, allowing collectors to focus on what they do best—cherishing and expanding their impressive collections. Avid collectors across Canada now have one less thing to worry about, thanks to this bespoke insurance solution designed with their unique needs in mind.